Prices decline. The asx down nearly 1 . We dont have trading in india either because it is mahatma publics birthday, a holiday. Futures are trading on the nifty in singapore down zero point 3 . The 10 year yield slipping back as anticipated. A slight move to the downside with regard to the futures contracts. You see the currencies and weakness creeping in into the dollar overnight. We have seen a reversal of that this morning. You have the yen a tad weaker. Sterling had rebounded to 1. 29. Seenis after we have brexitinduced losses. The aussie dollar unchanged. Haslinda lets get the first word headlines. Top white house aide hope hicks has tested positive for covid19. She traveled with President Trump on air force one to tuesdays debate in cleveland. The president says there is no indication he contracted the virus. Tested positive, National Security advisor robert obrien. He has spent as much time with the president as hicks has. Coronavirus infections continue to surge with the new york state reporting the most cases since may. Health officials in the u. K. Say london is at a Tipping Point while lund paris may close bars and restaurants. Restrictions imposed on madrid while ireland has their highest toppingce mobile cases, 24 million. President trump is suggesting he wont accept potential new rules for the next debate with joe biden. After the first descended into namecalling and chaos. The Commission Said they are thinking of changes to ensure a more orderly discussion. Trumps performance was a national embarrassment. The reading expected to show a sharp deceleration in job gains and slowing of the recovery. Employers added new positions in september, which would be the smallest improvement in the nations revival so far. New fed stimulus in doubt. Virus cases are picking up. Rishaad a bit of news breaking nikola,oment, gm and the embattled truck maker. General motors revising its deal with that company, according to those familiar with the discussions. They may be seeking a higher stake in the startup now that their valuation has fallen so much after allegations of deception. We have seen 40 shading of share prices. 17 down on year. Gm did take an 11 stake in nikola. They would provide Hydrogen Cell technology to their partner and manufacture a new battery pack pickup called the badger. Haslinda another day of stimulus talks in the white house. Leading democrats pushed them closer to did not push them closer to any agreement. Kathleen hays is here. We hear nancy pelosi tell bloomberg today . Kathleen she is focused on getting the package passed, though she sees a wide gulf between the sides, one she thinks is the republicans place to move closer to the democrats. The democrats did vote on their 2 trillion 2. Stimulus package today. All thed unanimously, democrats in the house voted for it, none of the republicans. When it gets to the senate, it will be the reverse. All republicans will vote against it, democrats will vote for it, and lose. Speaker pelosi said this morning before the vote, no matter what happens, they are not going to slam the door on stimulus talks. We are still alive, still talking. I am hopeful we will reach an agreement. We are still fighting for more money. The administration is coming in far too low for our heroes. I think we are close in terms of money yielding on that quite a bit. Close on that, except we have to see the language. Kathleen nancy pelosi says 1. 6 trillion, which is where President Trump wanted to go to. She says it is not enough. White house chief of staff mark meadows said President Trumps plan is a good and generous offer. Not surprising, nancy pelosi disagrees. They are offering is [indiscernible] we have come down 1 trillion, billion. Ame down 100 pretty soon we are just having a conversation, not meeting the needs of the american people. El of a loaf ofe bread is what she sees. That chunk of bread is that aid to state. You look at the difference between 1. 6 trillion dollars and it is a bign, difference. We will see if they can cross it. Quickly, what happens next . Kathleen nancy pelosi said after the vote she is reviewing the document Steve Mnuchin gave her earlier. She will see where they go next. Will it pass . She says it depends. Congress adjourns tomorrow. They will remain oncall in the event there is a vote called, in the event nothing is passed tomorrow. The pressure is building. Airline furloughs. Furloughs are spreading. Salaried executives and not just wage workers. We have a big jobs report expected to show a recovery at a slower pace. A lot of people would say because it is losing the stimulus and that is what it needs new. Now. Rishaad kathleen, great stuff, as ever. A guest giving his outlook on the various economies in asia. Speak about how the pandemic is changing the credit market landscape. This is bloomberg. S is bloomberg. Rishaad back with Bloomberg Markets, private credit sector, 800 billion, a rapidly growing part of debt markets. One of the biggest parts in the boom. Julie lapoint is the director of operations at Equities First and joins us from minneapolis. Tell us about what you do. We have all heard of private equity, but there is credit behind it. How do they Work Together . Equities First Holdings we have our basis for our private equity is client assets. We are in a space that is growing. Recently been engaged 800 billion and getting larger. We are different from traditional financing. It is strictly on what the clients collateral is worth and how we gauge that. Who is borrowing the money at the moment these days . Of low Interest Rates globally, what returns are we looking at . Julie we are seeing growth in every sector. Lots of Different Companies and private individuals are coming to us as the market tightens up in traditional lending. We are getting these clients from all different sectors. Farm, a we had a conglomerate in china, that we provided 250 million worth for research and development groups. Branchre able to then off into a different direction. The times are different now, everchanging. Covid has impacted a lot of companies. They have to may be restructure how they do their business. We have been able to help those companies. Interest,gard to the we have always been competitive with the banks, better than traditional lending. We have always been that way. We will stay the same way, keep our structure the same. Me about the restructuring companies are having to do as a result of the pandemic and the impact covid has had on businesses who need money at the moment, and you being there to perhaps finance . Julie we did see a lot of businesses leaving to diversify. It may be for lots of different reasons. With the covid impact, Many Companies have to do their business differently. We are all working from home. A lot of us are working from home still in the u. S. Everyone is trying to reshape their businesses to be profitable. E see a lot of growth in 2021 we are looking forward to that. We are confident with our standing in asia. One of the biggest markets is in asia. We have about 800 dollars million allocated to hong kong and the asiapacific region in the next 36 months. We are excited for what the future has to bring. Haslinda we are talking about unprecedented interest. I am wondering where you see the rise in activity. Are we looking at small or Medium Enterprises . Is that where you are seeing growth coming from . We are seeing growth in different areas. The main growth we see is clients having traditional financing followthrough for them. They are not able to possibly keep up on the credit they have had in the past, maybe possibly by their margin lending. [no audio] haslinda the thing, julie, there are still risks. Pandemict sure how the will affect industries in particular. Putting therisk of money out too fast for the companies . Julie Equities First is run by our founder, al christie, who has a very good appetite for risk. He also has a good way to control that. The risk we take on is once again through a clients collateral or assets they have to offer in their publicly traded position. That helps us monitor the risk and control it better than some other areas. Earlier we talked about how we are seeing a shift because of covid19. Toyou expect the shift maintain post covid19 when the vaccine is found and banks are willing to lend again . Julie i foresee this going on for a while. Covid19 has impacted so Many Companies. The lasting effect will be there for a while. I dont see that going away very soon. Even after a vaccine is found, i feel the impact it had will last and linger for a while. Haslinda lets talk about diversity. See thehe industry you participation of women rising. What is driving this . Julie i believe the diversity we see in our women workforce i donthip has know what the reason is, but i feel like Equities First especially come a we have diversified our leadership in women. We are in sales, accounting, compliance, operations. In every aspect of Equities First we are 36 in women in the leadership roles and we are looking to gain that up to 50 at least within the next few years. Light of these revelations in the New York Times, would you be lending money what would you do have donald trump [indiscernible] Equities First . Julie if President Trump would want a loan from Equities First he would have to pass our due diligence. In my 30 years of experience, i look at a lot of applications. He would have to have the criteria. If he met that, we would welcome him. Lovely. Thank you so much for joining equities lapoint from first in minneapolis. Job cuts picking up in the financial industry with almost 70,000 people losing work around the world. We look at the implications. This is bloomberg. Haslinda welcome back. Approaching 70,000 with more than with many lenders cutting. Bank of america says it is honoring its no layoff valve. Su keenan is following developments. Many of the World Biggest banks putting prospects on hold for the pandemic. Indeed. Did, the pandemic has outlasted that pledge to put layoffs on hold. Banks,seeing a number of Goldman Sachs now joining the ranks of j. P. Morgan chase, wells fargo and citigroup. We are seeing them resume the cuts that were on hold. Reducing 400 positions. Ceo, it americas appears the bank will stand by its pledge to avoid job cuts this year. Lets listen. We will keep working the headcount in what we need. We are temporarily staffed higher because for the safety of teammates who are high risk relative to the covid virus, we had to get them out of the Public Domain and move them. It took us a while. We had to hire new people to replace them. We will work it back down. We said no layoffs this year and we will stick i that by that. Moynihan said they will work that down through attrition, reiterating comments he made two weeks ago that he believes the government needs to provide more stimulus to help struggling Companies Get back on their feet. Rish . Rishaad su, that is the story with u. S. Banks. How do their european peers compare . Su it seems there layoffs are much greater. Three lenders from europe, north america and asia behind the planned reductions for 2020. The actual total is probably higher because many banks cut staff without disclosing their plan. That said, bloombergs analysis of data gathered through labor unions and other sources shows banks headquartered in europe are far exceeding those in the u. S. In terms of reducing staff and disclosed the highest number of cuts. Theyhat is driven said they would all of that is driven by hsbc. It is part of a large costsaving plan. Many of the u. S. Banks had a better recovery from financial 2008. In european counterparts account for the numbers in europe. Haslinda su keenan in new york on job cuts in the banking industry. Here is the latest business flash headlines. Top copper mine faces industrial upheaval as strikesors reject action. 98 walked out, while the company urged a stoppage. Escondida could continue without supervisors, though output may fall. Abu dhabis Sovereign Wealth Fund flowing money into the project and taking a 1. 4 stake. Silverlake increasing its million,t by 254 giving it a holding of over 2 . At 58ail union valued billion. Indias biggest automaker posted the highest sales in years. Of nationwide lockdown prompted dealers to stock up. Ago. Jump on a year numbers suggest the rebound is underway for indias auto sector that was suffering its worst slow down before the pandemic struck. 4 on fell by as much as after reporting another loss. That puts pressure on the 13 billion a year dividend. Loss is forecast to have a of 40 cents a share. They are reliant on debts. The recent settlement between the u. S. And deutsche bank, reporting rules. Looks to be personal for the ceo. He is required to give an annual guarantee his bank is adhering to the terms of the settlement, which could mean saving himself from future missteps. [indiscernible] lets take a look at where the markets are from asia. A lot on those markets on holiday. Look at where we are in terms of the asia index. Down by 0. 1 . Futures pointing to a lower open. There are concerns about the stimulus package. The u. S. Was slipping. Claims,the u. S. Jobless expected to hold, but above revirus level. 175. Dollar at 1 up nikkei 225 trading following thursdays fall. Nikkei above average. A 52 week high. Providing they arrowhead system used at the exchange. Still, no explanation for the disruption. Manila is trading up. The you want yuan losing its haven status. Plenty more to come. This is bloomberg. This is bloomberg. It is 10 29 in hong kong and shanghai. I am Karina Mitchell with the first word headlines. The house has passed the two point 2 trillion Coronavirus Relief package, but it is unlikely to become law. It is opposed by republicans who are certain to block it in the senate. Speaker pelosi told bloomberg she will not take the path of least resistance simply to make a deal, and talks will go on as pressure mounts to reach an agreement. Meanwhile, sterling fell as the European Union announced legal action against the u. K. Over its plan to break the brexit withdrawal bill. Urszula of honor lay says a brussels has notified london of the move. The eu action could mean a lawsuit at the European Court of justice. Amazon says almost 20,000 of its 1. 3 million workers have tested positive or are presumed positive for covid19. The figure is about half of what it expected. Tests itsd it employees regularly whether they are showing symptoms are not, and based on its findings, the infection among the Current Population is likely much higher than has been reported. Violent protests across india. A 19yearold died in a new delhi hospital two weeks after she was allegedly gang raped by upper caste men in her northern indian village. Anger erupted after reports local police cremated her body without her family being present. Global news 24 hours a day on air and on the Bloomberg Quicktake powered by more than 2700 journalists and analysts in more than 120 countries. Rishaad thanks. Lets check in with markets and have a look at what is going on at the moment. Looking at the dollar index, it is moving to the upside, perhaps a bit of optimism in regard to a fiscal stimulus deal being done in the u. S. We have the failure to get a bipartisan agreement at the moment, but there are signs of the two sides may be coming together. Weve got sterling really moving with these brexit negotiations taking place as britain leaves the European Union. Quickly flipping the board and taken a look at where equities are, we had that lunchtime break come upon us in tokyo. The nikkei to 25, closing out the morning at 1 10 of 1 . Department stores on the nikkei helping that particular benchmark to remain positive. Somesx, feeling that from of these basic resource companies, particularly oil companies. The manila composite, not doing much, of course, as much of asia is on Public Holidays. Haslinda thats right, and global stocks struggling since peaking in september. Friday will bring the last u. S. Payroll report before the election, and the reading is expected to show a sharp deceleration of job gains. Added 870ay employers 5000 new positions in september, which would be the smallest improvement in the revival so far. New fed stimulus is in doubt. Companies are shedding jobs, and virus cases are picking up. Vishnu, it does seem like there is so much risk out of there, so much uncertainty. The gains we saw in the u. S. Yesterday, dead cat bounce. Yes, it does look like that. I think you brought up a very good point, which is markets need to decide exactly what to ofe of a change in momentum the job market and what that means as we go forward, and i think that will be the tricky part. The expectation is there is going to be a slowdown in job creation. Is whether this is going to turn around and lead to unemployment worsening again. There are many moving parts, including the fiscal stimulus, possibly a fed response beyond that, and i think that is what complicates things. Is itst of the matter opportunistic bets. Its not a market of conviction so to speak. Haslinda having said that, it seems like the market is underestimating all of these risks. If you take a look at volatility, its not really going anywhere. Vishnu you are absolutely right. That is where one needs to take a step back and what changed and how the reference benchmark thinks. Still more is conjecture than conviction, but has the excess liquidity in the market dulled the Market Reaction . We did see a pickup in the highyield response, but even that is muted. Markets are not overreacting, so the question really is, have